YEIDA cancels land allotment to Sunworld & Supertech over pending dues

01 Jul 2024 CW Team

Additionally, YEIDA, which operates under the Uttar Pradesh government, has given developer ATS Realty until August 31 and Greenbay Infrastructure until July 31 to clear their dues. These amounts represent 25% of the total dues owed by the builders, allowing them to continue their projects per the recommendations of the Amitabh Kant Committee on legacy stalled projects.

The decision to cancel the land allotments was made during YEIDA's 81st board meeting held at its Greater Noida office, chaired by YEIDA Chairman Anil Kumar Sagar. Following the meeting, YEIDA Arun Vir Singh, CEO stated, "ATS Group had some funds in its escrow account which were not initially included in our tally but have now been accounted for. They (ATS) have been given time until August 31 to clear the dues."

Singh added, "There are six allottees that have fully paid their dues. However, Sunworld and Supertech have not paid their dues. Therefore, a decision has been taken to cancel their land allocations, while considering the interests of the buyers with third-party rights in these projects."

The cancelled land parcels in Sector 22D are close to the upcoming Noida International Airport and the proposed International Film City. Greenbay Infrastructure has deposited Rs 920 million and has until July 31 to pay the remaining Rs 70 million. ATS Realty has deposited Rs 50 million and has until August 31 to settle the remaining dues.

Other developers have also made payments within the stipulated time period: Omnis Developers deposited Rs 95.4 million, Logix Buildstate cleared Rs 620 million, Ajay Realcon cleared Rs 21.2 billion, and Starcity Developers cleared Rs 33.8 million. Singh noted that some developers with pending dues have projects in insolvency proceedings or have cases pending in various courts. (Source: ET)

The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled the allotment of land parcels to Sunworld Infrastructure and Supertech Township near the upcoming Noida International Airport and the proposed Film City due to pending dues. Both real estate developers were allocated approximately 100 acres in Sector 22D along the Yamuna Expressway. Sunworld Infrastructure owed Rs 1.64 billion, while Supertech Township had outstanding dues of Rs 1.37 billion, according to YEIDA. Additionally, YEIDA, which operates under the Uttar Pradesh government, has given developer ATS Realty until August 31 and Greenbay Infrastructure until July 31 to clear their dues. These amounts represent 25% of the total dues owed by the builders, allowing them to continue their projects per the recommendations of the Amitabh Kant Committee on legacy stalled projects. The decision to cancel the land allotments was made during YEIDA's 81st board meeting held at its Greater Noida office, chaired by YEIDA Chairman Anil Kumar Sagar. Following the meeting, YEIDA Arun Vir Singh, CEO stated, ATS Group had some funds in its escrow account which were not initially included in our tally but have now been accounted for. They (ATS) have been given time until August 31 to clear the dues. Singh added, There are six allottees that have fully paid their dues. However, Sunworld and Supertech have not paid their dues. Therefore, a decision has been taken to cancel their land allocations, while considering the interests of the buyers with third-party rights in these projects. The cancelled land parcels in Sector 22D are close to the upcoming Noida International Airport and the proposed International Film City. Greenbay Infrastructure has deposited Rs 920 million and has until July 31 to pay the remaining Rs 70 million. ATS Realty has deposited Rs 50 million and has until August 31 to settle the remaining dues. Other developers have also made payments within the stipulated time period: Omnis Developers deposited Rs 95.4 million, Logix Buildstate cleared Rs 620 million, Ajay Realcon cleared Rs 21.2 billion, and Starcity Developers cleared Rs 33.8 million. Singh noted that some developers with pending dues have projects in insolvency proceedings or have cases pending in various courts. (Source: ET)

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